Abu Dhabi-based payments company Magnati has allied with the National Payments Corporation of India (NPCI) to introduce the Unified Payments Interface (UPI) in the UAE. With this strategic partnership, the adoption of UPI payments will now be possible among Indian expats and businesses across the UAE to make transactions simpler faster, and more seamless between borders.
The move signals a significant step in expanding India’s revolutionary digital payment system beyond its borders, with the UAE being a prominent hub for Indian nationals and businesses. Magnati and NPCI hope to offer a seamless payment experience to users through this collaboration, leveraging UPI’s efficient and secure infrastructure.
With the growth in cross-border trade and remittances, as well as the greater demand for touchless payment systems, UPI in the UAE is going to greatly simplify financial transactions and open ways for future joint ventures between India and the UAE about digital payments in the future.
This partnership also occurs at a moment when the UAE is looking forward to strengthening its digital economy and, therefore, is an appropriate region for UPI to grow further. As this agreement strengthens both countries’ bond, it can benefit the huge Indian diaspora and further trigger innovation in the fintech arena.
